Ithmaar Holding profits surge 20pc

MANAMA, August 8, 2019

Ithmaar Holding, a Bahrain-based holding company, reported a net profit of $13.03 million for the six-month period ended June 30, a 20.4 percent increase compared to the net profit of $10.82 million reported for the same period in 2018.

The company’s wholly-owned subsidiary, Ithmaar Bank, also reported increased profits for the period.

The announcement by the Ithmaar Holding chairman Prince Amr Al Faisal, who is also the Ithmaar Bank chairman, follows the review and approval of both boards of directors of the consolidated financial results for the six-month period, said a statement.

The net profit attributable to equity holders for the six-month period was $8.37 million, a 72.5 percent increase compared to $4.85 million for the same period in 2018.

What are other key financial highlights?

Total income for the six-month period ended June 30, 2019 was $246.66 million, a 7.5 percent increase compared to $229.34 million reported for the same period in 2018. Operating income was $143.98 million, a 3.2 percent decrease compared to $148.68 million reported for the same period in 2018. Earnings per share (EPS) increased to US Cents 0.29 compared to US Cents 0.17 for the same period in 2018.

For the three month period ending on June 30, the net profit was $4.41 million, as compared to a net profit of $6.01 million for the same period in 2018. Net profit attributable to equity holders for the three-month period was $1.26 million, a 60.6 percent decrease as compared to $3.20 million reported for the same period in 2018. EPS for the period decreased to USD Cents 0.04 compared to US Cents 0.11 for the same period in 2018.

Total income for the three-month period ended June 30 was $120.69 million, a 4.8 percent increase compared to total income of $115.19 million reported for the same period in 2018. Operating income for the period was $67.90 million, an 11.3 percent decrease compared to US$76.53 million reported for the same period in 2018.

“On behalf of the Ithmaar Holding Board of Directors, I am pleased to announce that the 2019 half-year results show continued profits, with significant increases compared to the profits reported in the same period last year,” said Prince Amr. “The Company’s improved financial results reconfirms that effort to turn the group around are clearly paying off,” he said.

Results are encouraging, says CEO

Ithmaar Holding chief executive officer, Ahmed Abdul Rahim, who is also the Ithmaar Bank chief executive officer, said the half-year results were very encouraging, with both the company and the bank reporting increased profits.

Ithmaar Bank’s financial results show a net profit of BD4.10 million for the six-month period ended 30 June 2019, an increase of 13.4 percent compared to a net profit of BD3.61 million for the same period in 2018, said Abdul Rahim.

Net profit attributable to equity holders of the Bank for the six-month period ended June 30, 2019 was BD2.11 million, an increase of 53.4 percent compared to BD1.37 million reported for the same period in 2018. Total income for H1 this year was BD79.19 million, a 7 percent increase compared to BD74.01 million reported for the same period in 2018. – TradeArabia News Service